Skyline Report: Home Prices Continue to Rise as Lot Inventory Remains Low

Wednesday, October 10 at 09:00 AM
Category: Arvest News

Arvest Bank has released Skyline Reports on residential and multifamily real estate in Northwest Arkansas for the first half of 2018.

During the first half of this year, the average price for homes sold continued to rise and reached record highs in both Benton and Washington counties. The increase in Washington County from the first half of 2017 to 2018 was especially significant at 12.3 percent, moving from $209,899 to $235,618. In Benton County the increase was 4.9 percent, moving from $227,036 to $238,098.

Looking at five-year trends, the average price of homes sold in Washington County has increased from $173,979 in the first half of 2013 to $235,618 in the first half of this year – an increase of 35.4 percent, which is an average annual increase of 7.08 percent. In Benton County the average price of homes sold in the first half of 2013 was $185,500 compared to $238,098 this year – an increase of 28.4 percent, or 5.68 percent annually.

Homebuying activity remained strong in the first half of 2018 with 4,438 homes being sold in the period, up 1.2 percent from the first half of 2017 when 4,385 homes were sold, and up 45.5 percent from the first half of 2013 when 3,051 were sold.

Mervin Jebaraj, director of the Center for Business and Economic Research (CBER) at the Sam M. Walton College of Business at the University of Arkansas, said there are several factors contributing to the rising prices, including labor and material costs and the shrinking supply of available lots on which to build new homes. The supply of remaining lots in active subdivisions, based upon the previous 12-month absorption rate, was 29.6 months in the first half of 2018, up slightly from 28.9 months in the first half of 2017 and down significantly from 94.3 months in the first half of 2013.

“Affordability is becoming an issue in the residential real estate market in Northwest Arkansas as the increase in home prices significantly outpaces both wage growth and inflation,” Jebaraj said. “With our population expected to continue to grow at a rapid pace, we need to continue building new homes to meet demand, but there are far fewer lots on which to build new homes. This is especially true within the larger cities in the region where many people desire to live.

“What we are seeing in the data is that more and more people are choosing to lease apartments instead of buying homes, because the apartments tend to be closer to the amenities they desire and are considered to be more affordable. This, in turn, is fueling the insatiable growth in the multifamily market, which continues to add new multifamily properties at a rapid pace without any sustained increase in the vacancy rate of those properties.”

The multifamily real estate market in Northwest Arkansas has grown, in terms of total square feet, by 22.8 percent during the past five years – from 19,292,047 total square feet in the first half of 2013 to 23,682,495 in the first half of this year – but the vacancy rate has remained very healthy, falling slightly from 4 percent in the first half of 2013 to 3.9 percent in the same period of 2018. The average lease price for apartments has increased 20.7 percent since the first half of 2013, from $538.34 to $660.80.

The Arvest Skyline Report is a biannual analysis of the latest commercial, single-family residential and multifamily residential property markets in Benton and Washington counties. The report is sponsored by Arvest Bank and conducted by CBER.

In 2004, Arvest Bank contracted with CBER to collect information about the local real estate markets. CBER researchers aggregated and analyzed data from local governments, property managers, visual inspections and the business media to provide a complete picture of the status of property markets in the two counties.

CBER provides excellence in applied economic and business research to federal, state and local government, as well as to businesses currently operating or those that desire to operate in the state of Arkansas. The center further works to improve the economic opportunities of all Arkansans by conducting policy research in the public interest.

Tags: Arvest, Skyline
 

Arvest to Give $58,000 to Teachers Throughout Bank’s Footprint

Monday, October 08 at 09:00 AM
Category: Arvest News


For the third consecutive year, Arvest Bank will honor teachers by awarding 116 educators with a total of $58,000 in prize money.

The decision to award 116 $500 gifts to individual teachers was made not only out of respect and appreciation for the work teachers do, but as a sign of support at a time when many schools continue to face budget challenges. All prizes will go to teachers who work at state-funded schools.

“Commitment to community is something we take seriously at Arvest, and it is our pleasure to recognize these teachers, who do so much for our children and our communities,” Arvest president and CEO Kevin Sabin said. “We know they work hard every day to give all of us a better future, and we hope these awards help show how much we appreciate them.”

To nominate a teacher to receive one of the $500 prizes, look for an Arvest Bank Facebook post about this contest during the week of Oct. 15-21. Include the teacher’s name, school name, city, and one sentence describing why that teacher deserves to win.

Arkansas counties included are: Baxter, Benton, Boone, Carroll, Conway, Craighead, Crawford, Faulkner, Franklin, Garland, Howard, Johnson, Little River, Logan, Lonoke, Madison, Mississippi, Montgomery, Pike, Polk, Pope, Pulaski, Saline, Scott, Sebastian, Sevier, Washington and Yell.

Missouri counties included are: Barry, Laclede, Lawrence, McDonald, Stone, Taney, Wright and Webster. Additionally, in the Greater Kansas City area, the following towns are included: Cass, Mo., Clay, Mo., Jackson, Mo., Platte, Mo., Franklin, Kan., Johnson, Kan., and Wyandotte, Kan.

Oklahoma counties included are: Adair, Canadian, Cherokee, Cleveland, Comanche, Cotton, Craig, Creek, Grady, Delaware, LeFlore, Mayes, McClain, McCurtain, McIntosh, Muskogee, Nowata, Oklahoma, Okmulgee, Ottawa, Payne, Pittsburg, Pontotoc, Pottawamie, Sequoyah, Stephens, Tulsa, Wagoner and Washington

Disclosures

  • $500 donation will be made to directly to the school of the winning teacher’s school.
  • Winners will be selected at random. Random selection will take place the week of October 22.
  • Awardees will be notified no later than October 29.
  • No Arvest associate or associate’s immediate family member can win.
Tags: Arkansas, Arvest, Kansas, Missouri, Oklahoma
 

Arvest Bank Completes Bear State Bank Conversion

Tuesday, September 25 at 09:00 AM
Category: Arvest News

Total Assets Now at Approximately $18.76 Billion

FAYETTEVILLE, Ark. (Sept. 25, 2018) – Arvest Bank is pleased to announce that it completed Monday the transition and conversion process of Bear State Bank customers, branches and systems.

Arvest entered an agreement to acquire Bear State Financial, Inc. – the parent company of Bear State Bank – in August 2017. The cash transaction valued at approximately $391 million brought Arvest’s total assets to approximately $18.76 billion, and total number of branches in Arkansas, Kansas, Missouri and Oklahoma to more than 270. Arvest entered 15 new communities – and added 20 branches – in Arkansas, Missouri and Oklahoma via the acquisition.

“We couldn’t be more excited to welcome our new customers,” Arvest president and CEO Kevin Sabin said. “We believe they will feel right at home with Arvest, and we look forward to getting to know them and our new communities even better. This has been a long process, but as we’ve said from the beginning, the customer-first approaches of both Arvest and Bear State have made this a natural fit.”

In addition to a significantly larger branch network, former Bear State customers also will benefit from an expanded portfolio of financial products, services and solutions – such as wealth management services, robust mortgage programs, agri banking and equipment financing – now available to them. Many of these benefits are available not just in bank branches, but via Arvest’s online and mobile banking platforms.

About Arvest

Arvest Bank, named by Forbes magazine as one of “America’s Best Large Employers” for 2018, operates more than 270 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 14 locally managed banks, each with its own board and management team. These banks serve customers in more than 135 communities, with extended weekday banking hours at many locations. Arvest also provides a wide range of banking services including loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing. Arvest is an Equal Housing Lender and Member FDIC.


About Arvest Wealth Management

Arvest Wealth Management offers wealth management, trust services and insurance products. Investments and Insurance Products: Not FDIC Insured, May Lose Value and Not Guaranteed by the Bank. Trust services provided by Arvest Bank.

 

 

Tags: Arvest, Arvest Wealth Management
 

Arvest Bank Hires Zack Lashley as Business Banker in Mountain Home

Monday, September 24 at 09:00 AM
Category: Arvest News

Arvest Bank has hired Zack Lashley as a business banker who will work out of the bank’s location at 2619 Hwy. 62 East in Mountain Home. 

Lashley comes to Arvest from Bear State Bank where he has worked as a branch manager and consumer/ commercial lender for the past eight years.  

He is a native of Mountain Home and a graduate of Mountain Home High School. Lashley earned a bachelor’s degree in finance from Missouri State University. 

“We are thrilled to welcome Zack into the Arvest family as he joins our professional and knowledgeable team here in Mountain Home,” said Sally Gilbert, market president of Arvest Bank in Mountain Home. “There’s a definite advantage to hiring associates who are familiar with, and invested in, the communities in which we work and we look forward to the great work Zack will do for our customers.” 

Lashley and his family live in Mountain Home. 

About Arvest

Arvest Bank, named by Forbes magazine as one of “America’s Best Large Employers” for 2018, operates more than 250 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 15 locally managed banks, each with its own board and management team. These banks serve customers in more than 120 communities, with extended weekday banking hours at many locations. Arvest also provides a wide range of banking services including loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing. Arvest is an Equal Housing Lender and Member FDIC.

 

Tags: Associates, Harrison
 

Arvest Bank Named Among ‘Best Employers for Women’ by Forbes

Tuesday, September 18 at 09:00 AM
Category: Arvest News

Arvest Bank has been recognized by Forbes magazine as one of “America’s Best Employers for Women.”

The honor comes after Arvest was named one of “America’s Best Large Employers” in May, the second consecutive year it has received that honor. For the more recent list, Forbes employed its market research partner, Statista, to survey 40,000 Americans – including 25,000 women – working for businesses with at least 1,000 employees.

All the surveys were anonymous, allowing participants to openly share their opinions. Respondents were first asked to rate their organizations on criteria such as working conditions, diversity and how likely they’d be to recommend their employer to others. 

Statista then asked female respondents to rate their employers on factors such as parental leave, discrimination and pay equity. These respondents also were asked to nominate organizations in industries outside their own. The final list ranks the 300 employers that both received the most recommendations and boast the most gender-diverse boards and executive ranks.

“We are honored to be recognized by Forbes for the second time since May when it comes to maintaining a culture that appeals to and supports all of our associates,” Arvest president and CEO Kevin Sabin said. “Knowing those who responded to this latest survey think so highly of Arvest for things like diversity and pay equity is very rewarding. It reinforces our commitment to welcoming talent from different backgrounds and with different perspectives.”

Arvest is the only Arkansas-based company included on the list.

Tags: Arvest

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